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Now There's a Tesla Model S for Kids

The little red wagon from your childhood just got a major upgrade.
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A detail of the Tesla Model S all-electric sedan at the car's unveiling in Hawthorne, California in this March 26, 2009 file photo. Tesla's Chief Executive, Elon Musk announced on twitter Tesla's new entry-level $35,000 Model 3 electric car will be available for preorder on March 31, 2016.ROBYN BECK / AFP - Getty Images
/ Source: CNBC.com

The little red wagon from your childhood just got a major upgrade.

Radio Flyer, the company behind the iconic red wagon, is producing another cherry-red ride for children: the Tesla Model S.

The company partnered with Tesla to create the first kids' ride-on the runs on Flight Speed lithium ion batteries.

The little Tesla can cruise at speeds up to 6 miles per hour and features working headlights, a front-trunk, forward and reverse capabilities and a sound system.

The toy comes in three different colors — red, blue and silver — and customers can purchase accessories like license plates, parking signs and car covers online.

Radio Flyer's newest toy is slated to ship in May — the company is currently accepting pre-orders — and will retail for $499.

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